Korea’s Fastest Inflation Since 2008 Raises Rate Pressure

We can look at the raising of minimum wage in Korea and restaurant and delivery prices and see a direct correlation. Those spiking prices at McD's, that Chinese restaurant, your pizza, your chicken, that Shuttle Delivery, etc. That's all because Moon decided to double the minimum wage in a short period. The Korean economy was functioning reasonably well without it and all it's done is make everything more expensive.

Or that restaurants kept prices artificially low to win over and retain existing customers whilst letting the poor workers suffer on shit wages.

The Korean economy functions well for the people who have the money to live comfortably.

Constraints on the global food and supply chains contribute more to that increase in your fast food meal. I also don't mind paying more if some of that cost goes towards giving those workers a better living wage.

We can look at the raising of minimum wage in Korea and restaurant and delivery prices and see a direct correlation. Those spiking prices at McD's, that Chinese restaurant, your pizza, your chicken, that Shuttle Delivery, etc. That's all because Moon decided to double the minimum wage in a short period. The Korean economy was functioning reasonably well without it and all it's done is make everything more expensive.

It has also seen a relative decline in the purchasing power of above-minimum wage workers, say at the ESL Teacher level.

If you want to raise people's wages, you need to increase the supply of good-paying jobs, not raise the minimum wage of basic jobs which simply results in a regressive increase of costs. 

Why not do both?
Besides, the "good-paying jobs" you refer to mostly require higher education, which is financially out of reach for many.

Korea has a nursing shortage, not because people don't want to be nurses but because not enough who qualify want to go to nursing school. One way they are addressing the problem is to create nursing programs for those who have/had other majors that did not require as high of test scores. But one still has to have had some form of higher education.

We can look at the raising of minimum wage in Korea and restaurant and delivery prices and see a direct correlation. Those spiking prices at McD's, that Chinese restaurant, your pizza, your chicken, that Shuttle Delivery, etc. That's all because Moon decided to double the minimum wage in a short period. The Korean economy was functioning reasonably well without it and all it's done is make everything more expensive.

It has also seen a relative decline in the purchasing power of above-minimum wage workers, say at the ESL Teacher level.

If you want to raise people's wages, you need to increase the supply of good-paying jobs, not raise the minimum wage of basic jobs which simply results in a regressive increase of costs. 

Pretty simplistic to say all the economic problems in Korea are tied to raising the minimum wage.

For example, I don't think minimum wages are driving the increases in RE prices.

Inflation means I pay 9000 won for fresh raspberries yet swear, skip pizza delivery and buy more dry beans, lentils, fresh cheap onions and green peppers and refill old Samdasoo bottles with filtered water from work. I ditch the tortilla shells for 6000 won and parmesan for 7000 won. I can see the benefit of inflation: more local, less imports, more healthy, less indulgent. Focus on what's most important. Sharpen up!

Inflation means I pay 9000 won for fresh raspberries yet swear, skip pizza delivery and buy more dry beans, lentils, fresh cheap onions and green peppers and refill old Samdasoo bottles with filtered water from work. I ditch the tortilla shells for 6000 won and parmesan for 7000 won. I can see the benefit of inflation: more local, less imports, more healthy, less indulgent. Focus on what's most important. Sharpen up!

And the fact that employees have to do that shows how unethical employers are here by not raising salaries.

Inflation means I pay 9000 won for fresh raspberries yet swear, skip pizza delivery and buy more dry beans, lentils, fresh cheap onions and green peppers and refill old Samdasoo bottles with filtered water from work. I ditch the tortilla shells for 6000 won and parmesan for 7000 won. I can see the benefit of inflation: more local, less imports, more healthy, less indulgent. Focus on what's most important. Sharpen up!

You're not teaching for the money, anyways, so no reason for you to be concerned.  But for most of us, we still want to be able to set aside  a nice chunk every month, without having to make sacrifices in regards to our food choices.  And when it comes to also throwing some money into my vacation fund every month, I don't want to have to lug empty water bottles to the nearby mountain fountain to keep doing that.  If your vacation is hakwan short and you just go hit a nearby campground, that's not going to change.  But, I go to Europe or North America, sometimes both, in a normal year and airfares are through the roof right now.  I'll focus on what's most important to me, if you don't mind.   

Inflation means I pay 9000 won for fresh raspberries yet swear, skip pizza delivery and buy more dry beans, lentils, fresh cheap onions and green peppers and refill old Samdasoo bottles with filtered water from work. I ditch the tortilla shells for 6000 won and parmesan for 7000 won. I can see the benefit of inflation: more local, less imports, more healthy, less indulgent. Focus on what's most important. Sharpen up!

Don't forget you can also use the work bathroom to save on toilet paper costs at home. You could also replenish home supplies by taking a roll or two home each week.

Taking home rolls of toilet paper from the employer would be stealing. Theft. Unethical and not worth the risk of getting caught for a bit of change.

Taking home rolls of toilet paper from the employer would be stealing. Theft. Unethical and not worth the risk of getting caught for a bit of change.

Even if you're uncomfortable taking toilet paper home, the first part can still apply to you. No need for toilet paper at home if you're only using the work bathroom.

Even if you're uncomfortable taking toilet paper home, the first part can still apply to you. No need for toilet paper at home if you're only using the work bathroom.

And shower at the gym.

Taking home rolls of toilet paper from the employer would be stealing. Theft. Unethical and not worth the risk of getting caught for a bit of change.

VanIslander lives in the school building, so would that still apply?  His bathroom might just be the school sh*tter. 

Even if you're uncomfortable taking toilet paper home, the first part can still apply to you. No need for toilet paper at home if you're only using the work bathroom.

No one gives a crap.....


(Literally.....)

Van could also steal some soap  . Oops, I forgot...soap...Kor ean bathrooms...ah well!

Don't drop the soap....

You're not teaching for the money, anyways, so no reason for you to be concerned.  But for most of us, we still want to be able to set aside  a nice chunk every month, without having to make sacrifices in regards to our food choices.  And when it comes to also throwing some money into my vacation fund every month, I don't want to have to lug empty water bottles to the nearby mountain fountain to keep doing that.  If your vacation is hakwan short and you just go hit a nearby campground, that's not going to change.  But, I go to Europe or North America, sometimes both, in a normal year and airfares are through the roof right now.  I'll focus on what's most important to me, if you don't mind.   

This is why they need to raise the salary.

Wouldn't raising salaries (especially in lower paid jobs) just increase the rate of inflation? 

I vaguely remember a thread somewhere about money-saving tips in Korea. Started serious but soon got silly quickly.

Sorry  You are quite correct.

Wasn’t a criticism haha. Just got a sense of deja-vu from years back.